The Institute of Cost Accountants of India (ICMAI) which was previously known as the Institute of Cost and Work Accountants of India (ICWAI) offers courses in the Cost and Management Accountancy. The job description of the person pursuing Cost Accountancy involves the costing or pricing of Goods and Services or the preparation, verification or certification of Cost Accounting and related statements.
The Institute was established in 1944 as a registered company under the Companies Act. On 28th May 1959 the institute was established by a special act of Parliament, as a statutory professional body for the regulation of the profession of Cost Accountancy. ICMAI, every year conducts exam for the admission to Foundation Course, Intermediate and Final Course. The entrance exam for all the three courses is held twice in a year, in June and in December. Registrations remain open throughout the year. However, candidates willing to appear for June term examination should apply before 31st January of that year and for December term examination should apply before 31st July of that year. The result for December 2017 exam of all the courses has been announced on 21st February 2018. The next exam will be conducted in June 2018.
Foundation is one of the Courses offered by ICMAI. Candidates interested in applying for this course will have to submit the Application Form online and should make sure that they fulfill all the required eligibility criteria. The syllabus for the entrance exam will be different for all the three courses. Candidates planning for applying to the Foundation Course can go through the details regarding the Application procedure, eligibility criteria and other information from here.
ICMAI Important Update
It should be noted that examination under Syllabus 2016 will commence from June 2017. However, it has been decided that the examination under syllabus 2012 will be extended for another two terms i.e. June 2017 and December 2017. Hence, candidates were given the choice of appearing under either one of the syllabi. But the examination of June 2018 will only be conducted under Syllabus 2016.
The entrance exam of Foundation Course is conducted in fours days as per Syllabus-2016. The Foundation Course Entrance Examination will be held in the afternoon time slot. The notified examination dates of June exam are yet to be declared. Candidates can go through the schedule of the entrance examination of December 2017 mentioned in the Tabular format below for getting a reference to how the examination is scheduled.
|Date and Day||Foundation Course Examination |
Time- 2.00 PM to 5.00 PM
|December 10, 2017 (Sunday)||Fundamentals of Economics and Management|
|December 11, 2017 (Monday)||Fundamentals of Accounting|
|December 12, 2017 (Tuesday)||Fundamentals of laws and Ethics|
|December 13, 2017 (Wednesday)||Fundamentals of Business Mathematics and Statistics|
ICMAI Foundation Course Application Form
Candidates applying for Foundation Course will be required to get themselves Registered first. Students admitted/registered/enrolled in Foundation Course at least 4 months prior to the month of the examination shall be eligible to appear in the Foundation Course.
ICMAI Student Login
If the candidate has registered herself/himself, they can Login to ICWAI/ICMAI Student login by visiting the official website i.e. icmai.in. The following credentials will be required if want to Login successfully:
- Application Number
- Registration Number
- Email ID
- Mobile Number
- Date of Birth
ICMAI Foundation Course Application Form
Candidates will be able to fill up the Application Form once registered. Candidates can apply online through student Login, it should be noted that only online Application Forms will be available and no other mode of forms will be accepted. Only students who will be opting for overseas centres will have to apply offline and send DD along with the form.
Steps for applying Online for CMA Foundation Course
- Visit the official website i.e. icmai.in
- Click the Students Portal link
- There will be a Online Examination form link, click on it
- Tap the Students icon
- On the next page, navigate to Online Application form under Activities
- Click on the Form link
- Select your course as Foundation from the drop down that appears
- Read the instructions given thoroughly and apply online
Payment of Application Fee
The payment of the Application fee will only in the Online mode. Only students who will be opting for overseas centres will have to apply offline and send DD along with form. Go through the amount of examination fee mentioned here:
|Form of Application Fee||Amount|
|Inland Centers||Rs. 1200|
|Overseas centers||US$ 60|
ICMAI Foundation Course Eligibility Criteria
Aspiring students are advised to go through the eligibility criteria in detail before proceeding for the Application form. ICMAI has prescribed the eligibility condition of every course which should be fulfilled by the candidate, in case of false information, the institute reserves the right of cancelling the candidature. The Eligibility criteria of Foundation Course course is defined below in points:
- The candidate should have cleared class 10 or equivalent exam. The same should be done from a recognized education higher secondary school board or education
- The candidate should have appeared for and cleared 10+2 from a recognized board or
- The Candidate should have cleared the National Diploma in Commerce examination
- Candidates awaiting results are also eligible.
ICMAI Foundation Course Examination Pattern
Candidates appearing for ICMAI Foundation Course exam can go through the examination pattern. There are certain points which should be kept in mind before appearing for the exam. The examination pattern of every entrance exam will differ from course to course. Aspiring candidates can go through the important points regarding examination pattern mentioned below:
- Students appearing for ICMAI Foundation Course exam must note that questions will be framed under 2016 Syllabus only.
- The examination will be in offline mode i.e. pen and paper based only
- Questions will be asked from Syllabus 2016 and the pattern of the question paper will be of subjective type
- The entrance examination for Foundation Course under the 2016 syllabus will take place in the afternoon time slot.
- The entrance examination will be a procedure of four days. The examination of all the four subjects will be held on different days:
- Fundamentals of Economics and Management
- Fundamentals of Accounting
- Fundamentals of Laws and Ethics
- Fundamentals of Business Mathematics and Statistics
- The weightage of all the four subjects under the 2016 syllabus is mentioned in the tabular format below:
ICMAI Syllabus 2016
|Papers||Subjects||Weightage of Marks|
|Paper 1||Fundamentals of Economics and Management |
Fundamentals of Economics
Fundamentals of Management
|Paper 2||Fundamentals of Accounting |
Fundamentals of Financial Accounting
Fundamentals of Cost Accounting
|Paper 3||Fundamentals of Laws and Ethics |
Fundamentals of Commercial Laws
Fundamentals of Ethics
|Paper 4||Fundamentals of Business Mathematics and Statistics |
Fundamentals of Business Mathematics
Fundamentals of Business Statistics
ICMAI Foundation Course Syllabus
The syllabus of ICMAI Foundation course Entrance examination is mentioned here. Candidates appearing for the exam can go through the syllabus in detail and can start preparing on the given topics for the exam:
|Paper 1- Fundamentals of Economics and Management||Section A- Fundamentals of Economics |
Basic Concepts of Economics
Forms of Markets
Money and Banking
Section B- Fundamentals of Management
|Paper 2- Fundamentals of Accounting||Section A- Fundamentals of Financial Accounting |
Accounting for Special Transactions
Preparation of Financial Accounts
Section B- Fundamentals of Cost Accounting
Fundamentals of Cost Accounting
|Paper 3- Fundamnetals of Laws and Ethics||Section A- Fundamentals of Commercial Laws |
Indian Contracts Act, 1872
Sale of Goods Act, 1930
Negotiable Instruments Act, 1881
Section B- Fundamentals of Ethics
Ethics and Business
|Paper 4- Fundamentals of Business Mathematics and Statistics||Section A- Fundamentals of Business Mathematics |
Section B- Fundamentals of Business Statistics
Statistical Representation of Data
Measures of Central Tendency and Dispersion
Correlation and Regression
ICMAI Foundation Course Admit Card
ICWAI Foundation Course Admit Card will be available for download from the official website of the Institute. Candidates who have registered successfully will be able to access the Admit Card. It should be noted that the document will not be sent individually through post or any other offline mode and it will only be available through the online procedure. Applicants will be required to download and take a printout of the Admit Card. It is advised the candidates cross check the details mentioned on the document and in case of any incorrect information, the examination authority should be immediately contacted.
Admit Card is a mandatory document to be carried on the day of the exam along with one Photo ID (Pan Card, Aadhar Card, Driving License etc.), in case of its absence, the candidates will be prohibited from appearing for the exam.
Steps to Download the Admit Card:
For downloading the Admit Card successfully, candidates can follow the following procedure mentioned in points below:
- Click on the link of admit Card available on the official website of the Institute
- Choose the course for which the candidate has applied for
- Enter the Registration Number
- Cross Check the Admit card, if any incorrect information is provided, the examination authorities should be immediately contacted
- If satisfied, download the Admit Card
- Click on Print Admit Card and take the printout of it.
ICMAI Foundation Course Result
The ICWAI Result exam will be released online on the official webiste i.e. icmai.in. For checking the result, candidates will have to enter the Identification Number/Registration Number. Only those candidates who will score more than the qualifying marks will qualify ICWAI exam. Along with the result, pass percentage is also announced.
Along with the result the rank list is also released. However, it will only be announced for Intermediate and Final exam. The Rank list will consist the following details.
- Roll number
- Registration Number
- Center Code
- Center Name
- Serial Number
Qualifying marks and Pass Percentage:
The candidates will only be considered qualified, if they surpass the pass percentage in the examination. It should be noted that pass percentage and qualifying marks are different.
Qualifying Marks: A candidate will pass in an examination if they secure atleast 40% marks in each paper of the group and atleast 50% marks in aggregate in non-exempted paper of the Group.
Pass Percentage: The pass percentage is the percentage of the candidates who have qualified the examination.
Steps to check ICWAI Result:
- Click on the link which will be provided on this page
- A window asking for Identification number will be displayed
- Candidates will have to enter the Identification Number and click on the ‘View Result’ button
- Check the result and download the PDF displayed on the screen for future procedure of admission.